Egypt’s local liquidity continued its upward trend, advancing by EGP 103 billion or 1.9% month-on-month (MoM) to EGP 5.36 trillion in June, hitting its highest level ever recorded, compared to EGP 5.257 trillion, according to data released by the Central Bank of Egypt (CBE).
Year-on-year (YoY), the domestic liquidity increased by 18.3% from EGP 4.53 trillion in June 2020, data showed.
Meanwhile, the money supply grew to EGP 1.25 trillion in June from EGP 1.22 trillion in the prior month.
In June, the CBE’s Monetary Policy Committee (MPC) decided to leave interest rates on hold for the fourth time in a row in 2021.
In November 2020, the MPC cut the overnight deposit rate, the overnight lending rate, and the main operation rate by 0.5% to 8.25%, 9.25%, and 8.75%, respectively.
